By Paul A. Harris
Portland, Ore., Aug. 13 – Stagwell Inc. priced a $1 billion issue of eight-year senior notes (B3/B) at par to yield 5 5/8% on Thursday, according to market sources.
The yield printed in the middle of yield talk in the 5 5/8% area and at the wide end of initial guidance in the mid-5% area.
The deal was trading Friday morning at par bid, par ½ offered, a bond trader said.
J.P. Morgan Securities LLC managed the notes sale.
The notes were issued via Midas Opco Holdings LLC.
The New York-based marketing services provider plans to use the proceeds to redeem all $870.3 million of its outstanding 7½% senior notes due 2024, to pay down its credit facility and for general corporate purposes.
| Issuer: | Midas Opco Holdings LLC
|
| Amount: | $1 billion
|
| Maturity: | Aug. 15, 2029
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 441 bps
|
| Call protection: | Three years
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 20
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5 5/8% area
|
| Marketing: | Roadshow
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
